Daily Pivots: (S1) 1.0695; (P) 1.0720; (R1) 1.0733; More…
EUR/USD’s fall from 1.1094 continues today and intraday bias stays on the downside. This decline is seen as correcting whole up trend from 0.9534, and should target 1.0515 cluster support, 38.2% retracement of 0.9534 to 1.1094 at 1.0498. On the upside, however, above 1.0757 minor resistance will turn bias to the upside for stronger rebound.
In the bigger picture, as long as 1.0515 support holds, rise from 0.9534 (2022 low) would still extend higher. Sustained break of 61.8% retracement of 1.2348 (2021 high) to 0.9534 at 1.1273 will solidify the case of bullish trend reversal and target 1.2348 resistance next (2021 high).
